Georgia provides the opportunity to obtain a Payment Service Provider License from an economically and politically stable country which will allow you to offer electronic payment services to your clients. These services can be offered over the internet through all devices such as computers and mobile devices. Georgia Payment Service Provider Licenses are issued by the National Bank of Georgia also called the NBG, under the provisions of the Law of Georgia on Payment Systems and Payment Services.
How to obtain a Georgia Payment Service Provider Licenses?
The first step in the application process is the establishment of a local Georgian Limited Liability Company or a Georgian Joint Stock Company.
The establishment of a company normally takes around a week. The next step is the preparation of documents such as the Application Form, Operating Manuals, Anti Money Laundering, and Anti-Terrorist Financing guidelines, Business plans and any other documents sought by the National Bank of Georgia. Registration will also be required with the tax authorities in Georgia. The entire process of obtaining a Georgia Payment Service Provider License takes about 2-3 months after the submission of the completed application. After obtaining the Georgia Payment Service Provider, the Licensee will need to make regular submissions of accounts and records to the NBG. These submissions need to be made on time to ensure the validity of the Georgia PSP License.